Proven way to stop theives

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May 20, 2005 | 07:20 PM

#46

DrNorm

Registered User

iTrader: (1)

Joined: Feb 2005

Posts: 146

From: somewhere between "here" and "there"

Car Info: 05 WRX Wagon

Quote:

Originally Posted by psoper

Having my car stolen would be about the best thing that could happen to me.

Seriously, trade in value on a "Fair" '02 WRX wagon with 151,000 miles is only 6000, to pay it off I still need to come up with 11,500,

so- take my car,

(please!)

not to be a spoil sport, but that's called "upside down"
(and it starts about the minute you drive off the dealer's lot)

Perhaps you don't quite "get it". If you have a car loan, YOU don't own your car

If they steal your car, insurance pays you only $6,000 (its fair market value) but you STILL owe the lien holder their $11,500 (or their car). NOT good.

Of course, you could default on your loan but that's not very good for your credit and might make it tough to by a replacement vehicle

sorry charlie...

[BTW- it is possible to obtain "Gap insurnace" which covers the "gap" btwn what it's worth and what you owe. Do some research.]